Vancouver mayor unveils plan to make the city “Bitcoin-friendly.”

Mayor Ken Sim aims to make Vancouver a “Bitcoin-friendly city” in a proposal to be presented in early December.

At a recent city council meeting, Sim announced that he would be introducing a new motion on December 11 titled “Maintaining the City’s Purchasing Power by Diversifying Financial Resources: Becoming a Bitcoin-Friendly City.”

He did not provide details of the proposal’s proposals and did not respond to questions from the media. However, local experts believe that the mayor wants to direct part of the state funds into purchasing BTC as a reserve asset.

This would be in line with similar proposals made by US President Donald Trump during the election campaign to invest billions in BTC as a national reserve. Senator Cynthia Lummis (R-WY) has confirmed that she intends to introduce the BITCOIN Act once Trump takes office, which would allow the US government to hold BTC.

In Pennsylvania, a state representative recently introduced a similar bill that would allow the state to hold BTC as a strategic reserve.

In South America, a Brazilian lawmaker recently introduced a new law that aims to allocate 5% of the country’s international reserves to digital assets, taking a cue from the United States.

Some say that beyond the reserve asset status, Mayor Sim could allow some city hall payments to be made in BTC. Vancouver would not be the first city in Canada to accept BTC payments. However, all other local governments only accept BTC on paper; Essentially, the payment processor instantly converts the BTC into Canadian dollars, and the city never touches it.

As a digital currency, BTC has fundamental flaws. Costs remain prohibitive and processing time is slow, making it impractical for everyday payments.

Only a blockchain that scales indefinitely like BSV can realize Satoshi Nakamoto’s vision of Bitcoin, which envisioned a “purely peer-to-peer version of electronic money.” Already the fastest blockchain in the world, Bitcoin will process over one million transactions per second (TPS) with the upcoming Teranode upgrade, making it the only enterprise-ready network in the world.

Watch: Unveiling Bitcoin Sustainability at the London Blockchain Conference 2024

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